Diokno backs round two of fuel excise tax set for 2019

An attendant assists a motorist at a gasoline station in San Juan City on November 7, 2018. Gigie Cruz. ABS-CBN News

MANILA – Budget Secretary Benjamin Diokno on Wednesday backed President Rodrigo Duterte’s decision to implement the previously suspended second tranche of the fuel excise tax as the Dubai crude oil price is projected to drop further below $ 60 per barrel in 2019.

Authorities, including the Department of Trade and Industry (DTI), vowed to closely monitor traders of agricultural products who might take advantage of the excise tax on fuel, he said.

“Our economy, while it is one of the fastest growing eh napakahina ng agriculture. It really is the weakest link so we really need to focus on agriculture. Alam naman namin ang problema and we are doing it,” Diokno said.

The Tax Reform for Acceleration and Inclusion (TRAIN) law scheduled excise tax increases every year for 3 years starting Jan. 1, 2018.